Ventura County CA – The Stop Foreclosure recently received a question from Grant. Here was his question.
"I have an FHA loan and want to get a loan modification. My bank is playing hardball and won't modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?" Grant.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer. I don't know the specific rules for FHA Loan Modifications. But, I do know how to find them. Here is what I have learned about FHA Loan Modifications and FHA Short Sales.
The FHA Program takes the loss on any short sales or loan modifications. Because of that they get to make the decisions on how loan mods and short sales are implemented.
The FHA program is administered by the Federal Department of Housing and Urban Development. Most people call it "HUD." HUD has specific employeeds that administer the FHA Loan Program.
Those employees do not review loan modifications or short sales themselves. Instead, they give specific written instructions to the lenders that handle the loans.
These specific instructions are called Mortgagee Letters. If the lender wants to be reimbursed for any loss by the FHA Insurance, then they must follow the instructions.
They issue updates to their directions regularly with new Mortgagee Letters.
Here is the bottom line. Your lender has to follow those written instructions. The good news is that you and I can access and read thru these letters online.
To find out the specific rules for an FHA Loan Modification, you will have to read thru the following Mortgagee Letters. Mortgagee Letter 2009-35, Mortgagee Letter 2000-05, Mortgagee Letter 2002-17, Mortgagee Letter 2008-21, Mortgagee Letter 2010-11, and Mortgagee Letter 2009-23.
I just found some good information in Mortgagee Letter 2002-17. "At no time shall the loan be considered delinquent solely because the borrower has not paid late fees or other foreclosure costs."
I have seen lenders put a borrower into default status and charge late fees on late fees. One late fee can blossom into thousands of dollars in charges. It looks like FHA doesn't like that practice.
There are probably a total of 40-50 pages that you will need to read thru. But, because you know the rules you will have the upper hand in any negotiations with your lender.
I think that is worth spending a little extra time reading thru everything. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Ventura County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this,
Chris B Johnson, Realtor
Chris is a Real Estate Agent at Prudential California Realty.
Phone: 805-208-0823. email@example.com.
Certified HAFA Specialist, Certified Short Sale Specialist
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View My homes for sale at www.ChrisBJohnsonRealtor.com.
Chris B Johnson provides HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Realtor, Moorpark Short Sale Realtors, Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor, Certified HAFA Specialist, Moorpark Short Sale Realtor, Thousand Oaks Short Sale Realtor, Westlake Village Short Sale Realtor, Newbury Park Short Sale Realtor, Camarillo Short Sale Realtor, Simi Valley Short Sale Realtor, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Ventura County Foreclosure Help, Moorpark Foreclosure Help, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699.You can find Ventura County Short Sale Realtor at 587 W. Los Angeles Avenue, Moorpark, CA. 93021Chris also specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor, Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor. www.theshortsaleguide.com
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Chris B Johnson, Prudential California Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Johnson's personal views and do not reflect the views of Prudential California Realty.
This information on Ventura County Short Sales: How Do I Get A Loan Mod On An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.